A real-world asset issued on one chain tends to stay there. Composability is what lets it work across chains, in lending markets and inside strategies other teams build. More in our report with @LayerZero_Core.

Grok Build pulled together all the latest $SPCX analyst price targets for me. My bet? Give it a few years and we’ll look back at every one of these estimates and realize just how low they were.

RIP to OpenClaw. 🦞 There’s a new sheriff in town named Grok Bot… AI teammates that sign into your tools, work for you 24/7, and actually gets the work done. Can’t wait to start building my own team of the world’s 50 smartest AI workers.

Tokenization only becomes valuable when it connects to the infrastructure people already use. Custody, exchanges, institutional APIs, fintechs, and applications. Over the past few months: - @coinbase selected Centrifuge as a Preferred Tokenization Infrastructure - @KrakenInsto integrated $JAAA into qualified custody - @okx opened access to $deJTRSY and $deJAAA, arriving on @XLayerOfficial - @ground_onchain integrated API access to $JTRSY and $JAAA - @labs_compass made $deSPXA and $deJAAA callable by applications and AI agents That's the direction we're building toward: tokenized assets that plug directly into the markets they're built to serve.

Ron Baron, who I consider to be the GOAT of investing, is super bullish on SpaceX’s Starlink. “Starlink is going to be the internet for the entire world.” There are 8 billion people on Earth today, 3 billion still have no internet, and much of the other 5 billion still has poor or unreliable service. Also, Starlink has the ability to reach the places terrestrial networks can’t economically serve, like oceans, mountains, deserts, airplanes, basically anywhere on Earth. These are Baron’s numbers: • $15-17B revenue today • $1 TRILLION in annual revenue within 10 years • 20-25% consumer • 40% government • 40% enterprise • $700–800B in annual profits/EBITDA His conclusion is that he thinks “Starlink alone will be worth somewhere around $14 trillion.” Meanwhile, the entire SpaceX company is valued at less than $2 trillion today… And the real holy grail behind all this is reusable rockets. SpaceX can launch, replace, and expand its satellite network at a cost competitors simply can’t match. That advantage compounds as the constellation gets larger, faster, and more capable. Baron is calling SpaceX the most unique business he has seen in his entire 56-year career. I agree. Today’s SpaceX valuation is going to look absurdly cheap in hindsight.

Real-world assets don't settle in seconds or even minutes. When redemptions are first come, first served, the fastest redeemers get the best price, and everyone else takes the loss. Batching the requests gives everyone the same price. More in our blog:

I believe the company that owns the compute will ultimately win AI. And the company I’m betting on is SpaceX. Right now, AI is becoming less of a software race and more of an industrial race. You need massive amounts of chips, power, cooling, land, networking, and capital just to keep scaling. That’s why owning the compute matters so much. Most AI companies still depend heavily on someone else’s infrastructure… SpaceX on the other hand is building toward owning the entire stack w/ the AI models through xAI, massive compute clusters on Earth, the energy to run them, Starlink’s global network, its own satellite manufacturing, AI satellites, and most importantly, Starship. The biggest bottleneck in AI is going to eventually be energy. Earth has limits… power grids, permits, land, cooling, and years-long infrastructure buildouts. Space gives SpaceX another path. If and when orbital AI compute works at scale, SpaceX will eventually put data centers where solar energy is abundant, cooling doesn’t require water, land doesn’t matter, and the company launching the hardware is the same company operating the AI. That’s the part I think many people, especially the ones betting against SpaceX, are missing. SpaceX is building the physical infrastructure that will determine how much AI can exist in the first place. Yes, algorithms, data, talent matters… but at the end of it all, it will come down to compute, every AI company depends on it. And if the future of AI comes down to who can deploy the most compute, with the cheapest and most scalable energy behind it, I know who I’m betting on. It’s SpaceX. This company is so undervalued, it’s not even funny.